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Cryptopolitan 2025-09-30 13:53:29

Coreweave signs deal to supply Meta with up to $14.2B of computing power

Coreweave signs deal to supply Meta with up to $14.2B of computing power

Coreweave has signed a deal to supply Meta Platforms with up to $14.2 billion worth of computing power. Chief Executive Officer Michael Intrator said Meta returned because “they loved our infrastructure in earlier contracts and came back for more.” As part of this agreement, Coreweave will give the social media company access to Nvidia’s latest GB300 systems, according to Intrator. Meta did not comment on the deal. Coreweave’s shares jumped 8.4% in premarket trading in New York, while Meta’s shares stayed mostly unchanged. Coreweave is part of a new wave of “neoclouds,” companies that rent out access to advanced AI chips. Its main competitors are Nebius Group and Nscale Global Holdings. Coreweave’s stock has more than tripled in value since its March initial public offering as demand for computing power continues to rise with the race among major technology firms to build powerful AI models. CoreWeave shifts revenue away from Microsoft with Meta deal The deal with Meta pushes Coreweave further away from relying heavily on Microsoft, which had been its largest customer. Microsoft made up 71% of Coreweave’s revenue in the quarter ending June. This new agreement follows a separate multibillion-dollar commitment from OpenAI announced last week. Intrator said, “When we came out in the IPO, we got dinged because of our customer concentration. This is clearly a step in the right direction for diversification.” Meta has become one of the biggest spenders on AI infrastructure as CEO Mark Zuckerberg invests in energy, computing power and staff to compete in the fast-moving AI race. In April, Meta said its capital expenditures may reach $72 billion this year, focusing on AI and the data centers needed to train and run the models. This spending shows how large the push for AI hardware has become. Coreweave’s model also reflects how neoclouds rely on debt financing to build capital-heavy AI infrastructure. Intrator said, “We will tap the debt markets periodically as we continue to expand.” This strategy allows the company to keep up with the massive costs of hardware and data center expansion. Meta and rivals fund data centers through debt financing Big cloud providers are also leaning on debt financing to build infrastructure. Meta raised $29 billion in a financing package for a huge data center in Louisiana. Last week, Oracle issued $18 billion in bonds to support infrastructure for OpenAI. These moves show how companies are using large bond sales to fund data-heavy AI projects. Coreweave’s agreement with Meta puts it deeper into the fight for high-end GPU power while breaking away from its old dependence on Microsoft. With Nvidia’s GB300 systems at the center of the deal, and Meta’s spending aimed at AI and data centers, the contract signals a new phase for both companies as they secure the computing resources needed to run large-scale models. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .

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